The average rate for a 30-year mortgage dropped 6 basis points over the past week to 4.14 percent, which is 41 basis points below the average rate as measured at the same time last year (4.55 percent), according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage slipped 4 basis points to 3.60 percent, which is 43 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable rate mortgage dropped 9 basis point to 3.68 percent, which is 1 basis point below its mark at the same time last year, and the inverted spread between the 5 and the 15-year rates dropped from 13 to 8 basis points.

And while the probability of the Fed instituting another rate hike by the end of the year is holding at zero, the odds of an easing have dropped 8 percentage points over the past week, from 60 to 52 percent, according to an analysis of the futures market.